Chinese electric vehicle (EV) maker BYD has reported a 29% increase in revenue for 2024, surpassing rival Tesla. The Shenzhen-based firm’s annual revenue reached 777 billion yuan ($107bn; £83bn), driven by sales of its hybrid vehicles. This marks a significant milestone for the company, which has also launched a lower-priced car to compete with Tesla’s Model 3.
Despite having similar EV sales figures as Tesla last year, BYD’s total vehicle sales exceed those of its rival when including hybrid cars. The company reported selling 4.3 million vehicles globally in 2024, outpacing Tesla’s 1.79 million units sold. BYD’s new Qin L model has a starting price of 119,800 yuan in China, significantly lower than Tesla’s Model 3.
The news comes as Chinese consumers face economic challenges, including a property crisis and slowing growth. However, this may not have an immediate impact on the EV market, with demand for electric vehicles expected to continue growing globally. BYD’s founder Wang Chuanfu recently announced new battery charging technology that could charge an EV in just five minutes, setting it apart from Tesla’s 15-minute charging time.
Shares in BYD have jumped over 50% this year, driven by the company’s strong financial performance and innovative technology developments. As tensions surrounding Elon Musk’s ties to US President Donald Trump continue to grow, Chinese carmakers are gaining popularity worldwide.
Source: https://www.bbc.com/news/articles/cd65d583qvzo